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Bank. of Elwood, and in meeting of the County Board of Finance joined in the program for putting the bank back on its feet. Acting for the county, the Board of Finance signed a waiver to 25 percent of county funds that are on deposit in the closed bank and has thus helped along the general plan that has been adopted for reorganization of the banking concern. At the time the First National Bank suspended, Madison county had on deposit in the institution $6,676.70 of county funds which have since been impounded. Under the plan of reorganizing, the bank agrees to pay to creditors 50 percent of the money they had on deposit while the creditor signs waiver for 25 percent which will be paid at a future date and 25 percent of the amount is to be applied on stock in the bank. But this requirement, however, does not apply to public funds, all of which are eventually to be paid in cash.
